China’s imports from the European Union have declined for the first time in three months, further widening the trade imbalance between the two sides—a situation that is pushing China and the EU towards greater friction.
Preliminary and partial data released by China’s General Administration of Customs on Tuesday showed that China’s imports from the EU fell by 1.3% after two consecutive months of growth, in sharp contrast to China’s overall imports, which surged in May.
Meanwhile, the growth rate of China’s exports to the EU slowed to 7.6%, the lowest rate since October last year. At the same time, China’s trade surplus with the EU also expanded slightly compared to April, remaining above US$30 billion (about RM122 billion).
Bloomberg pointed out that the degree of this trade imbalance will continue to focus external attention on the China-EU imbalance, a situation that is prompting European officials to begin considering new restrictive measures against China.
As confrontation between the two sides escalates, Chinese authorities have stated that if the EU moves forward with new trade restrictions, Beijing will take countermeasures.
According to the U.S. electronic media “Politico,” French President Emmanuel Macron plans to host a video conference between the Group of Seven (G7) and China to discuss global trade imbalance issues.
The latest data released by China’s customs showed that China’s imports from Germany fell 6.2% year-on-year in May, reversing two months of previous growth. Imports from France grew by 24%, roughly the same pace as in April; imports from the Netherlands resumed growth, with an increase of 8.8%. More detailed data is expected to be released later this month.